The National Futures Association says it has taken an emergency enforcement action against International Commodity Advisors and its principals Gustave O. Woehr and Gregory W. Seitz. ICA, a Commodity Trading Advisor, has offices in Dallas, Texas and Marietta, Georgia.
NFA claims that ICA is soliciting or operating funds as a Commodity Pool Operator even though the CTA isn’t registered as a CPO. Because ICA and its principals have been unable to produce records, books, and other required information, NFA says that it is not able to identify the pool’s participants or determine the investments’ value or assets’ location.
The Associate Responsibility Action (ARA) and the Member Responsibility Action (MRA) prohibit ICA and its two principals from accepting or soliciting funds from customers, pools, or investors. The three parties are also not allowed to transfer or disburse the funds of pools, customers, or investors without the approval of the NFA. Also, ICA and its principals must either show that CPO registration is not required or register as one with the Commodity Futures Trading Commission and give NFA an approved disclosure document.
The ARA and MRA will stay in effect until ICA and its principals show to the NFA’s satisfaction that they are in full compliance with all NFA Requirements. NFA members that have accounts that are controlled by ICA, Woehr, Seitz, or any entity or person acting for any of them and who receive notice of the MRA and ARA are not allowed to transfer or disburse funds to ICA and the two principals or any entity controlled by any of them without NFA approval.
NFA takes emergency enforcement action against International Commodity Advisors and its principals, NFA, November 17, 2010
Commodity Pool Operator
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